Aurion Gold Limited (AORDEA)

Overview

Gold was first reported in the Porgera valley in 1938. Alluvial mining began in the 1950s. Placer became the operator of a jv with MIM in 1975 and Consolidated Goldfields Aust (acquired by RGC) acquired 30% in 1979 (reduced to 25%). Drilling since 1979 uncovered high grade mineralisation, Zone VII. Underground mining commenced in 1990. An oxidisation circuit was introduced in 1991 to treat mining residue. Open cut mining began in 1993. In 1995, RGC sold its gold assets, including Porgera and Henty, into a new listing called Goldfields (GLD). GLD gained control of Pancontinental Mining (87.7%) in 1995 and has divested all bar a few of its non-gold assets. RGC, which owns 56% of GLD, was merged with Westralian Sands in 1998. Activities GLD is the fourth largest gold producer in Australia, with activities including mining operations, mine development and gold exploration in Australia and PNG. As at 30/6/99 GLD's attributable gold reserves were 3.6m oz.

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